I think with this approach you can get it:
\documentclass{beamer}
\usepackage{etoolbox}
\definecolor{color1}{RGB}{255,0,0}
\definecolor{color2}{RGB}{0,255,0}
\newcounter{myitem}
\setcounter{myitem}{1}
\renewcommand<>{\item}[1]{\only#2{
\ifnumodd{\themyitem}{%true
\setbeamercolor{itemize item}{fg=color1}\stepcounter{myitem}
}{%false
\setbeamercolor{itemize item}{fg=color2}\stepcounter{myitem}
}
\beameroriginal{\item}{#1}}}
\begin{document}
\begin{frame}
\begin{itemize}
\item text
\item text
\item text
\item text
\end{itemize}
\end{frame}
\end{document}
Graphical result:

IMPROVEMENT
To activate or disable the alternate item coloring you can adopt a trick like this one:
\documentclass{beamer}
\usepackage{etoolbox}
\definecolor{color1}{RGB}{255,0,0}
\definecolor{color2}{RGB}{0,255,0}
\newif\ifitemcolor % <= create a new conditional
\itemcolortrue %<= set it to true to activate the coloring
\newcounter{myitem}
\setcounter{myitem}{1}
\renewcommand<>{\item}[1][]{\only#2{
\ifitemcolor%
\ifnumodd{\themyitem}{%true
\setbeamercolor{itemize item}{fg=color1}\stepcounter{myitem}
}{%false
\setbeamercolor{itemize item}{fg=color2}\stepcounter{myitem}
}\fi%
\beameroriginal{\item}{#1}}}
\begin{document}
\begin{frame}
\begin{columns}
\begin{column}{0.48\textwidth}
\itemcolorfalse %<= set it to false to disable the coloring
\begin{itemize}
\item
\item text
\item text
\item text
\end{itemize}
\end{column}
\begin{column}{0.48\textwidth}
\itemcolortrue %<= set it to true to re-activate the coloring
\begin{itemize}
\item
\item text
\item text
\item text
\end{itemize}
\end{column}
\end{columns}
\end{frame}
\end{document}
In the example I created two columns with two lists: the list on the left has the alternate coloring disabled while the list on the right does not. Moreover the re-definition of the \item with additional [] allows to not insert text, as did for the two first elements in both the lists.
The graphical result is:

\renewcommand<>so it becomes\renewcommand<>{\item}[1][]{\only#2{. is it ok like this? should the answer be updated? – capitalaslash May 30 '12 at 13:25[]– capitalaslash May 30 '12 at 15:36\items were empty, but this is not a real case. with the additional[]in the macro definition it also worked with empty\items, but i don't know enough tex-foo to understand why. – capitalaslash May 31 '12 at 07:08\renewcommand<>{\item}{\only#1{ %... \beameroriginal{\item}{}}}. is it ok if i update the answer? – capitalaslash May 31 '12 at 07:24[]you can even use\itemwithout text. I will update my answer. – Claudio Fiandrino May 31 '12 at 07:29itemcommand does accept an optional parameter within[]. Also, redefining theitemcan be dangerous as per strange interaction betweenmdframedand\item. – Peter Grill May 31 '12 at 07:49